Larry Fink

In 2024, Mississippi's Secretary of State initiated proceedings against BlackRock, alleging false or misleading statements relating to ESG and investment policies. In May 2026, the state announced that outstanding issues had been resolved, including a $1 million commitment towards financial education.

State of the evidence

Documented

A coalition of US states accused BlackRock, Vanguard and State Street of using their major shareholdings in coal producers and their climate commitments to coordinate production cuts and raise prices. The DOJ and FTC filed a statement of interest in 2025, and most claims survived a motion to dismiss.

State of the evidence

Allegations

In 2024, BlackRock executive remuneration received only approximately 58% support in the advisory shareholder vote, following negative recommendations from leading proxy advisers. Support rose to approximately 67% in 2025, while Fink's 2025 remuneration, disclosed in 2026, reached $37.7 million.

State of the evidence

Documented

Attribution

Personally implicated

In February 2026, shareholders brought a derivative action against Larry Fink and other BlackRock directors. They alleged that the directors had exposed the company to legal risk by overseeing climate commitments purportedly incompatible with antitrust law. The case was subsequently transferred to the Southern District of New York.

State of the evidence

Allegations

Attribution

Accused

A BlackRock-led consortium announced a proposed deal worth approximately $22.8 billion to acquire more than forty CK Hutchison ports. The transaction became a major geopolitical issue surrounding terminals near the Panama Canal, attracted Chinese opposition and regulatory reviews, while a related transaction involving the Barcelona terminal underwent an in-depth European Commission investigation before the application for approval was withdrawn in August 2026.

State of the evidence

Documented

The Tennessee Attorney General sued BlackRock, alleging that the company had given investors misleading messages about the importance of ESG and its climate commitments. The case ended in 2025 with an agreement imposing greater transparency, controls and audits.

State of the evidence

Settlement

Amid growing antitrust and political pressure in the United States, BlackRock transferred its Climate Action 100+ participation to its international entity and then left the Net Zero Asset Managers Initiative in January 2025. These decisions were interpreted as a retreat from the group's public climate strategy.

State of the evidence

Documented

Attribution

Direct responsibility

The FDIC asked BlackRock to enter into an enhanced passivity agreement concerning its substantial shareholdings in supervised banks, amid a wider debate on the potential influence of major index managers over companies in which they hold large blocks of shares.

State of the evidence

Documented

Attribution

Direct responsibility

A bipartisan House committee examined BlackRock and MSCI investments in China and stated that BlackRock had channelled at least $1.9 billion towards Chinese companies associated with US national security and human rights watchlists or warnings.

State of the evidence

Documented

Conservative states and public funds withdrew billions of dollars in mandates from BlackRock, accusing it of penalising the fossil fuel industry. In 2024, the Texas Permanent School Fund announced the withdrawal of approximately $8.5 billion. Fink indicated that the political backlash had cost several billion in assets and stopped publicly using the term "ESG", which he considered politicised.

State of the evidence

Documented

Attribution

Direct responsibility

Activist investor Bluebell Capital called for Larry Fink to be replaced in 2022, criticising both BlackRock's ESG positions and their consistency with certain investments. It subsequently promoted a proposal to separate the chairman and chief executive roles.

State of the evidence

Documented

Attribution

Direct responsibility

BlackRock appointed Amin Nasser, CEO of Saudi Aramco, to its board of directors. In 2024, New York City's pension chief called for a vote against his election, citing conflicts with decarbonisation objectives and concerns over governance and human rights.

State of the evidence

Documented

The SEC found that BlackRock Advisors had inaccurately described the business activities and interest rate level of an investment in Aviron Group in a listed fund's reports. BlackRock agreed to a $2.5 million civil penalty.

State of the evidence

Settlement

Attribution

Direct responsibility

Participants in BlackRock's retirement plan accused its fiduciaries of favouring in-house products and tolerating questionable fees or investment choices. A $9.65 million settlement was approved in 2021.

State of the evidence

Settlement

Attribution

Direct responsibility

BlackRock launched a legal review and strengthened support arrangements following employee complaints of intolerant behaviour, racial or sexual harassment and a culture sometimes described as a "bro culture". Fink announced changes and stated that executives, including himself, would be assessed.

State of the evidence

Documented

Attribution

Direct responsibility

Fund shareholders alleged that BlackRock entities had charged excessive advisory fees compared with similar services. Following a trial, the court dismissed the claims, and the Third Circuit federal appeals court upheld the judgment in 2020.

State of the evidence

Documented

Following substantial discounts on certain iShares ETFs during the 24 August 2015 "flash crash", investors alleged that offering documents inadequately disclosed certain market and liquidity risks. The action was dismissed, and the California appeals court upheld the dismissal.

In 2020, Fink announced that climate risk would become central to BlackRock's strategy, including withdrawal from certain thermal coal exposures in actively managed portfolios. Democratic lawmakers and climate campaigners subsequently criticised BlackRock's voting record and the limitations of the policy for index funds.

State of the evidence

Documented

Attribution

Direct responsibility

The New York Fed selected BlackRock to manage several asset-purchase programmes during the pandemic. Because BlackRock ETFs were among the instruments eligible for purchase, the mandate prompted criticism over conflicts of interest and the concentration of financial power.

State of the evidence

Documented

Attribution

Direct responsibility

The SEC penalised BlackRock for using severance agreements requiring more than 1 000 former employees to waive any financial reward linked to reporting matters to a government agency, a provision deemed incompatible with whistleblower protection rules.

State of the evidence

Settlement

Attribution

Direct responsibility

After the crisis, US regulators examined whether major asset managers or certain activities could pose systemic risk. BlackRock and Fink campaigned publicly and through regulatory channels against a "too big to fail" designation, arguing that managing assets on behalf of clients differed from the banking model.

State of the evidence

Documented

Attribution

Direct responsibility

The SEC criticised BlackRock Advisors for insufficiently disclosing a conflict of interest linked to fund manager Daniel Rice's private business activities and for deficiencies in certain compliance policies. BlackRock agreed to a $12 million penalty and the appointment of an independent consultant.

State of the evidence

Settlement

Attribution

Direct responsibility

The British Financial Services Authority fined BlackRock Investment Management (UK) £9.533 million for deficiencies in arrangements to protect certain client funds, including the absence of adequate trust letters over several years.

State of the evidence

Documented

Attribution

Direct responsibility

During the financial crisis, BlackRock obtained substantial public mandates to value or manage assets connected in particular with Bear Stearns, AIG, Citigroup, Fannie Mae and Freddie Mac. The concentration of public advisory functions and private asset-management activities prompted parliamentary and media questions over conflicts of interest.

State of the evidence

Documented

Attribution

Direct responsibility

At First Boston, the mortgage-backed securities business headed by Larry Fink suffered a loss of approximately $100 million in 1986 following an incorrect assessment of interest rates. The episode severely damaged his standing within the bank and preceded his departure in 1988, before the creation of BlackRock.

State of the evidence

Documented

Attribution

Direct responsibility